Value Added Statements

Value Added statement isn't an Account in the traditional sense. It is mere a statement showing the economic output of the reporting entity. It...

Know Maths in Money Market Operations

Money Market is an important ingredient for growth and development of an economy. India too is no exception for it. With the fastest growing...

Restriction on cash transactions under Income tax act, 1961

After the demonetization, Government has earned an important lesson. Keeping the rhetoric aside, it's enlightened to the wisdom of colours in money. Notes of...

Know the TDS rates when you do not provide your PAN

Although in some cases, quoting of PAN for certain type of transaction is must, for most of the transactions quoting of PAN is optional...

Interest on Income Tax Refunds

Normally, an assessee pays tax based on computation of his expected tax liability. And very often his tax liability is either less or higher...

Applicability of GST with reference to Model GST Law

With 1st July nearing, everyone is preparing for new pan India Indirect tax – Goods and Service Tax (GST). Suddenly, Experts are seen on...

Shortcomings of GST and effect on small entities

This Week has been full of news related to GST. Though believed to be a tough task, it is anticipated to come into effect...

Mandatory Linking of Aadhaar and Exemptions from Income Tax Department

With Aadhaar being mandatory for filing ITR, there are several consequences for not linking the same. Below is in detail consequences. Most immediate impact...

List of GST Returns along with their due dates

With deadline for applicability of Goods and Service Tax (GST) coming near, there's still confusion as to number of return to be filed. This...

How to calculate WDV Rates for Depreciation

Straight Line Method (SLM) and Written Down Value (WDV) methods are the most used methods for calculating depreciation. Although Companies Act doesn't require any...